Global stocks declined on Thursday, reversing early gains and extending the year-end slump into the first trading day of 2024. The dollar reached a two-year high after economic data indicated the U.S. labor market remained robust. On Wall Street, U.S. stocks traded lower following initial increases, with the S&P 500 poised for its fifth consecutive daily decline, its longest streak since April. The U.S.
Labor Department reported that the number of Americans filing new claims for unemployment benefits fell to an eight-month low of 211,000 last week, below economists' expectations. This resilient labor market has been a key driver of consumer spending, which has supported the U.S. economy through recent inflationary pressures. Wall Street losses were led by the consumer discretionary sector, which was impacted by a roughly 6% drop in Tesla shares after the electric vehicle company reported its first annual decline in deliveries. The Dow Jones Industrial Average, S&P 500, and Nasdaq Composite all fell. European stocks finished higher after a slow start, supported by gains in energy stocks. MSCI's global stock gauge declined, while Europe's STOXX 600 index rose. The dollar surged to a two-year high, extending its strong performance from 2023, as expectations persisted that U.S. economic growth will outpace that of other countries, keeping the Federal Reserve on a path of slower interest rate cuts
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